Norfolk Southern Corporation is a premier Class I freight railroad company operating primarily in the Eastern United States. Headquartered in Atlanta, Georgia, the company manages an extensive rail network spanning 22 states and the District of Columbia. In 2025, Norfolk Southern agreed to an $85 billion merger with Union Pacific to create the first transcontinental U.S. railroad, a transaction currently pending regulatory approval.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
12,180,000
12,123,000
12,156,000
12,745,000
Cost of Sales
6,583,000
6,191,000
6,891,000
6,715,000
Gross Profit
5,597,000
5,932,000
5,265,000
6,030,000
Depreciation & Amortization Expenses
1,393,000
1,353,000
1,298,000
1,221,000
Other Operating Expenses
(174,000)
530,000
1,116,000
—
Operating Profit
4,356,000
4,071,000
2,851,000
4,809,000
Interest Expense
(792,000)
(807,000)
(722,000)
(692,000)
Non-Operating Income
101,000
65,000
191,000
13,000
Total Non-Operating Income
(691,000)
(742,000)
(531,000)
(679,000)
Income Before Provision for Income Taxes
3,665,000
3,329,000
2,320,000
4,130,000
Provision for Income Taxes
792,000
707,000
493,000
860,000
Consolidated Net Income
2,873,000
2,622,000
1,827,000
3,270,000
Net Income Attributable to Common Shareholders
2,873,000
2,622,000
1,827,000
3,270,000
Basic EPS
12.76
11.58
8.04
13.92
Diluted EPS
12.75
11.57
8.02
13.88
Basic Weighted Average Shares Outstanding
225,000
226,100
226,900
234,800
Diluted Weighted Average Shares Outstanding
225,300
226,400
227,400
235,600
Shares Outstanding
224,421
226,321
225,681
228,076
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
1,530,000
1,641,000
1,568,000
456,000
Total Cash and Cash Equivalents
1,530,000
1,641,000
1,568,000
456,000
Accounts Receivable
988,000
1,069,000
1,147,000
1,148,000
Total Trade Receivables
988,000
1,069,000
1,147,000
1,148,000
Inventories
271,000
277,000
264,000
253,000
Other Current Assets
409,000
201,000
292,000
150,000
Total Current Assets
3,198,000
3,188,000
3,271,000
2,007,000
Net Property, Plant & Equipment
36,479,000
35,831,000
33,326,000
32,156,000
Long-Term Investments
4,089,000
3,370,000
3,839,000
3,694,000
Other Long-Term Assets
1,470,000
1,293,000
1,216,000
1,028,000
Total Assets
45,236,000
43,682,000
41,652,000
38,885,000
Accounts Payable
1,863,000
1,704,000
1,638,000
1,293,000
Short-Term Debt
—
—
—
100,000
Current Portion of Long-Term Debt
607,000
555,000
4,000
603,000
Other Current Liabilities
1,305,000
1,286,000
990,000
653,000
Total Current Liabilities
3,775,000
3,545,000
2,632,000
2,649,000
Long-Term Debt
16,480,000
16,651,000
17,175,000
14,479,000
Other Long-Term Liabilities
9,434,000
9,180,000
9,064,000
9,024,000
Total Long-Term Liabilities
25,914,000
25,831,000
26,239,000
23,503,000
Total Liabilities
29,689,000
29,376,000
28,871,000
26,152,000
Common Stock
226,000
228,000
227,000
230,000
Additional Paid-in Capital
2,296,000
2,247,000
2,179,000
2,157,000
Accumulated Other Comprehensive Income
(210,000)
(262,000)
(320,000)
(351,000)
Retained Earnings
13,235,000
12,093,000
10,695,000
10,697,000
Total Common Shareholders' Equity
15,547,000
14,306,000
12,781,000
12,733,000
Total Shareholders' Equity
15,547,000
14,306,000
12,781,000
12,733,000
Total Liabilities and Shareholders' Equity
45,236,000
43,682,000
41,652,000
38,885,000
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
2,873,000
2,622,000
1,827,000
3,270,000
Depreciation & Amortization
1,393,000
1,353,000
1,298,000
1,221,000
Other Adjustments
24,000
(314,000)
(98,000)
1,000
Changes in Trade Receivables
59,000
85,000
(2,000)
(171,000)
Changes in Inventories
6,000
(13,000)
(11,000)
(35,000)
Changes in Other Operating Activities
6,000
319,000
165,000
(64,000)
Cash from Operating Activities
4,361,000
4,052,000
3,179,000
4,222,000
Capital Expenditure
(2,204,000)
(2,381,000)
(2,327,000)
(1,948,000)
Proceeds from Sale of Property, Plant & Equipment
164,000
558,000
86,000
263,000
Purchases of Investments
(621,000)
(319,000)
(124,000)
(12,000)
Proceeds from Sale of Investments
99,000
1,005,000
205,000
94,000
Payments for Business Acquisitions
—
(1,643,000)
(22,000)
—
Cash from Investing Activities
(2,562,000)
(2,780,000)
(2,182,000)
(1,603,000)
Issuance of Long-Term Debt
396,000
1,051,000
3,293,000
1,832,000
Repayments of Long-Term Debt
(559,000)
(1,055,000)
(1,334,000)
(553,000)
Net Issuance / (Repayments) of Long-Term Debt
(163,000)
(4,000)
1,959,000
1,279,000
Issuance of Common Shares
2,000
26,000
3,000
(4,000)
Repurchases of Common Shares
(534,000)
—
(622,000)
(3,110,000)
Net Issuance / (Repurchases) of Common Shares
(532,000)
26,000
(619,000)
(3,114,000)
Common Share Dividends Paid
(1,215,000)
(1,221,000)
(1,225,000)
(1,167,000)
Cash from Financing Activities
(1,910,000)
(1,199,000)
115,000
(3,002,000)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash